Critics on the Exogenous and the Mixed Exogenous–Endogenous Variable Price Estimation Model : A Proposal for the RS Price Estimation Model
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The structural problems of the exogenous price estimation model (the exogenous model) and the mixed exogenous-endogenous variable price estimation model (the conversion model) used in price estimations were evaluated. The occurrence of error was analyzed from both theoretical and empirical aspects. In the exogenous model, inter-industry relations were found to be weak in accordance with the number of industries being converted exogenously. The conversion model encompasses all the input-output structures; however, as exogenous-endogenous variables are replaced with each other, causal relations are changed. As such, limitations were witnessed where the realistic price relations among industries could not be shown. In this type of analysis, proposed as an alternative to these two models is the Ritz-Spaulding type price estimation model (the RS model), the generalization is possible and the existing inter-industry relations can be maintained.
Abstract
The structural problems of the exogenous price estimation model (the exogenous model) and the mixed exogenous-endogenous variable price estimation model (the conversion model) used in price estimations were evaluated. The occurrence of error was analyzed from both theoretical and empirical aspects. In the exogenous model, inter-industry relations were found to be weak in accordance with the number of industries being converted exogenously. The conversion model encompasses all the input-output structures; however, as exogenous-endogenous variables are replaced with each other, causal relations are changed. As such, limitations were witnessed where the realistic price relations among industries could not be shown. In this type of analysis, proposed as an alternative to these two models is the Ritz-Spaulding type price estimation model (the RS model), the generalization is possible and the existing inter-industry relations can be maintained.
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